The Algoma Central Corporation is getting out of the real estate business meaning a number of Sault Ste. Marie properties will be put on the selling block including the Station Mall, the company’s largest retail holding.
The company made the announcement Wednesday as the busy Christmas shopping season begins putting the future of the Station Mall in question along with other properties such as the Delta waterfront hotel and the Station Tower office building.
The decision to sell the Company’s commercial, retail, office, and other buildings, comprising over 1 million square feet, is a result of a review of the strategic objectives of the Company and a decision to focus the Company’s capital on domestic and international shipping opportunities, said a release Wednesday.
Marketing of the properties is expected to begin during 2016 and steps are now being taken to prepare the properties for sale.
For the year to date, the Properties segment of the Company contributed revenues of $23.9 million and net earnings of $2.1 million.
The portfolio of properties had a net book value of $79.2 million as at September 30, 2015.